Libya’s NOC announces production surge

The National Oil Corporation (NOC) has reported a significant rise in oil production, adding 12,000 barrels per day (bpd) this October.

This welcome news comes as the NOC implements its strategic plan to revitalise the nation’s vital oil industry.

Key Production Gains:

• Mellitah Company: Successfully brought well “A-28” back online in the Abu Attifel field, contributing 1,820 bpd.
• Akakus Company: Completed drilling on two promising new wells, “A41H” and “A44,” in the Sharara field, adding a combined 7,000 bpd.
• Gulf Company: Achieved a remarkable engineering feat by converting well “G224” in the Nafoura field to the advanced “Sucker Rod” system at a record depth of 10,000 feet, resulting in a production capacity of 600 bpd.
• Al-Sarir Company: Successfully drilled well “B54” in the Sara field, adding 2,400 bpd, with the potential to reach 3,000 bpd.

Impact on Libya’s Economy:

This production surge is a major boost for Libya’s economy, which is heavily reliant on oil revenue. The increased output will bolster government revenues, potentially leading to greater investment in infrastructure, social programmes, and economic diversification.

NOC’s Strategic Vision:

The NOC’s achievements demonstrate its commitment to maximising Libya’s oil resources through strategic planning, investment in new technologies, and operational efficiency. These efforts are crucial for stabilising Libya’s oil sector and attracting international investment.

Market Implications:

While the increase in production is positive, its impact on global oil prices is likely to be minimal in the short term. However, sustained growth in Libya’s oil output could contribute to increased market stability over the long run.

Looking Ahead:

The NOC’s success in boosting production sends a positive signal to investors and international partners. Continued progress in this direction will be vital for Libya’s economic recovery and long-term stability.